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the expansion of fannie mae, freddie mac and hud, allowing banks to balloon balance sheets. clinton may blame bush but it's tough to figure that president clinton wasn't at least partly responsible for the housing bubble. let's talk to david goodfriend, steve moore, author of "return to prosperity." steve, we'll start with you. i thought bill clinton was reagan's third term. for him to trash republicans and bush doesn't make sense. clinton has nothing in common with barack obama. >> that's exactly right. that was the point of the editorial today. the lead editorial. in a lot of ways obama has been the anti-clinton. let's talk about a couple of areas where obama policies have been in complete contrast to bill clinton. first of all, bill clinton was a fiscal conservative. he did cut spending. there was little growth in the budget under bill clinton. of course barack obama gave us just the opposite. an $830 billion stimulus plan. the second one that's pretty obvious, larry, is barack obama, very famously said he was going to end welfare as we know it. he signed the welfare refo
the expansion of fannie mae, freddie mac and hud, allowing banks to balloon balance sheets. clinton may blame bush but it's tough to figure that president clinton wasn't at least partly responsible for the housing bubble. let's talk to david goodfriend, steve moore, author of "return to prosperity." steve, we'll start with you. i thought bill clinton was reagan's third term. for him to trash republicans and bush doesn't make sense. clinton has nothing in common with barack obama....
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under bush they tried to go under fannie mae. >> this guy tried to shut down fannie mae and freddie mac. >> subprime loans. >> andrew cuomo and bill clinton. >> no, it didn't. >> barney frank saying it was solvent. >> i'm sorry i'm talking so much, but you have a balanced panel here. >> nan, do you think his argument of four more years or three more years or whatever will work? that was the argument clinton made last night. it seemed like the precursor to obama's argument. do you think america will vote for a guy who is telling them they have to wait several more years for economic success? >> americans, based on my experiences are representative of the hudson valley in new york. americans are fed up. they are desperate for change, but not the kind of change president obama, based on the experience of four years of his policies, has provided to us. so they want to see the kind of change from economic growth. when clinton spoke last night about his presidency and alluded to triumphs when there were troubles he neglected to mention the great engine of the economic growth among others -- >
under bush they tried to go under fannie mae. >> this guy tried to shut down fannie mae and freddie mac. >> subprime loans. >> andrew cuomo and bill clinton. >> no, it didn't. >> barney frank saying it was solvent. >> i'm sorry i'm talking so much, but you have a balanced panel here. >> nan, do you think his argument of four more years or three more years or whatever will work? that was the argument clinton made last night. it seemed like the precursor...
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still working and 148,000 a year more from, from what's left of fannie mae, none of those stories got any traction at all in the mainstream media. >> and hats off to john carl, media note. for putting out one of the three steel workers trotted out in front of the democratic national convention who got up there and said, you know, mitt romney is bad because bain capital closed our company and we lost our jobs. one of them didn't work at the company. he was a union organizers. >> the same problem that they had with that ad that was put out by one of the non-affiliated super pacs, on the obama committee. they need to do better in the fact checking department and i actually think the press, they did that and-- >> isn't this the party that's running our country right now? >> yes, it is. >> running or ruining? >> brit hume was very struck by something that i also-- occurred to me as i was watching both the republicans and democratic national conventions, he said he was getting a little tired of the destitution derby here. is there a candidate who's grandfather didn't work in a coal mine and
still working and 148,000 a year more from, from what's left of fannie mae, none of those stories got any traction at all in the mainstream media. >> and hats off to john carl, media note. for putting out one of the three steel workers trotted out in front of the democratic national convention who got up there and said, you know, mitt romney is bad because bain capital closed our company and we lost our jobs. one of them didn't work at the company. he was a union organizers. >> the...
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were wrecking fannie mae and putting us in the hole. he's still getting a pension. he's 50 years old. >> fannie mae required $200 billion bailout from the government. the whole issue of jerusalem not being the eternal capital of israel which was the democratic platform. platforms are vetted in the white house. tom donilon is an old campaign guy. it's inconceivable he didn't pass judgment on it. has the administration changed its policy? megyn: we were told that the president didn't know about it. >> i was in the white house when we did a platform in 1986. you don't do a platform without the explicit knowledge of the administration. megyn: even on the romney side they are saying governor romney doesn't agree with the abortion platform. >> they may walk away from it. >> inconceivable. >> this is a change in national security -- at least on the record. this is very delicate stuff. it's still a major commitment. megyn: it sounds like our complaining business yes some conduct but also lack of media attention. >> the meade why doesn't tell us
were wrecking fannie mae and putting us in the hole. he's still getting a pension. he's 50 years old. >> fannie mae required $200 billion bailout from the government. the whole issue of jerusalem not being the eternal capital of israel which was the democratic platform. platforms are vetted in the white house. tom donilon is an old campaign guy. it's inconceivable he didn't pass judgment on it. has the administration changed its policy? megyn: we were told that the president didn't know...
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mae and freddie mac. and borrowers, they were becaabg the system. there was a lot of institutions involved in causing the crisis, and it's not good for the banks to be blamed 100%. you could get a bad outcome in terms of how you fix it. >> tell me how you can manage a complex institution that is serving two masters. you've done it. >> yeah, first of all, i think this notion that these big banks are too big to manage, too complex, is not right. we live in a complex world, and we just need to manage things when they go wrong. as a individual and a user of it, or a business manager, it is complexi comple complex. we should not be talking about rolling back a banking industry that is very efficient to something that was not 15 years ago. so this complexity argument i don't buy. sure big banks are complexion, but if you look at the final institutions that have failed, they have been more -- you take country wide, or wamu, these were companies that weren't nearly as complex by any stretch of the imagination as
mae and freddie mac. and borrowers, they were becaabg the system. there was a lot of institutions involved in causing the crisis, and it's not good for the banks to be blamed 100%. you could get a bad outcome in terms of how you fix it. >> tell me how you can manage a complex institution that is serving two masters. you've done it. >> yeah, first of all, i think this notion that these big banks are too big to manage, too complex, is not right. we live in a complex world, and we just...
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mae and freddie mac, which helped create the mortgage crisis. he told a great story. problem is he used some facts that helped him and ignored some facts that didn't help him. it was vintage clinton, great to watch. it was a great story. >> david? >> the democrats have now had two very good, surprisingly strong nigs. >> right. >> the stumble over the platform -- >> that was a stumble tonight. but they ended -- they had a tremendous finish. if barack obama tomorrow night can make it 3 for 3, they could break out in this election. they've been trying to do that. the dynamics have been steady all along. they have a chance. i think it's a chance, i don't think it's certain, i think they have a chance -- >> we've seen bounces before for democrats that then have faded away. >> it's been a while. bill clinton has a bit of a bounce, the kerry/bush race they both got eight points. because of polarization, the cable era, the blogosphere, president obama got two points, four years ago against john mccain. carly was involved in the campaign. you knew it. he
mae and freddie mac, which helped create the mortgage crisis. he told a great story. problem is he used some facts that helped him and ignored some facts that didn't help him. it was vintage clinton, great to watch. it was a great story. >> david? >> the democrats have now had two very good, surprisingly strong nigs. >> right. >> the stumble over the platform -- >> that was a stumble tonight. but they ended -- they had a tremendous finish. if barack obama tomorrow...
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mae and freddie mac, making tens of millions which helped cause an almost financial collapse in this country and his fingerprints are all over there is funny and i have not heard people talk about that, either. >>neil: thank you, mark levin. the community reinvestment act spurred lending so we could go from making this hard to get a home to almost a birthright that is then. here we are now. >> and for elizabeth warren her memorable line: corporations are not people which of course is news to mitt romney who says corporates made up of and led by and, well, accountable to people. it is a central theme of a convention that sees a lot of companies as a big part of the problem. a former c.e.o. is going to set the record straight, he says, and stop the nonsense now. copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. h
mae and freddie mac, making tens of millions which helped cause an almost financial collapse in this country and his fingerprints are all over there is funny and i have not heard people talk about that, either. >>neil: thank you, mark levin. the community reinvestment act spurred lending so we could go from making this hard to get a home to almost a birthright that is then. here we are now. >> and for elizabeth warren her memorable line: corporations are not people which of course...
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still working and 148,000 a year more from, from what's left of fannie mae, none of those stories got any traction at all in the mainstream media. >> and hats off to john carl, media note. for putting out one of the three steel workers trotted out in front of the democratic national convention who got up there and said, you know, mitt romney is bad because bain capital closed our company and we lost our jobs. one of them didn't work at the company. he was a union organizers. >> the same problem that they had with that ad that was put out by one of the non-affiliated super pacs, on the obama committee. they need to do better in the fact checking department and i actually think the press, they did that and-- >> isn't this the party that's running our country right now? >> yes, it is. >> running or ruining? >> brit hume was very struck by something that i also-- occurred to me as i was watching both the republicans and democratic national conventions, he said he was getting a little tired of the destitution derby here. is there a candidate who's grandfather didn't work in a coal mine and
still working and 148,000 a year more from, from what's left of fannie mae, none of those stories got any traction at all in the mainstream media. >> and hats off to john carl, media note. for putting out one of the three steel workers trotted out in front of the democratic national convention who got up there and said, you know, mitt romney is bad because bain capital closed our company and we lost our jobs. one of them didn't work at the company. he was a union organizers. >> the...
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it was democrats who stood in opposition to reigning in fannie mae and freddie mac which helped create the mortgage crisis. so he told a great story. the problem is, he used some facts that helped him, and ignored some facts that didn't help him, it was vintage clinton, it was great to watch. it was a great story. >> i'd like to go back to what i said last night, the democrats have now had two very good -- surprisingly strong nights. >> they stumble over the platform, you think -- >> there was a stumble tonight, it was quiet, but they ended on -- they had a tremendous finish. if barack obama tomorrow night can make it 3 for 3, they could break out in this election. they've been trying to do that. the dynamics have been steady all along, they have a chance. i think they have a chance -- >> you've seen bounces before for democrats that then have faded away. >> it's been a while. bill clinton has a bit of a balance to carry the bush race, they both have eight points, they matched up. because of the polarization, the cable era, president obama just got two points four years ago against joh
it was democrats who stood in opposition to reigning in fannie mae and freddie mac which helped create the mortgage crisis. so he told a great story. the problem is, he used some facts that helped him, and ignored some facts that didn't help him, it was vintage clinton, it was great to watch. it was a great story. >> i'd like to go back to what i said last night, the democrats have now had two very good -- surprisingly strong nights. >> they stumble over the platform, you think --...
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fannie mae mortgages modification. that's something. >> there has been a lot of arm twisting of ed dimarco the conservator of of sally may and freddie mac. and they say they don't have any more power to twist his arm. >> eliot: they should be going after every conceivable way. the real problem joe i think dan is exactly right and i and many people have been saying for years until you deal with the mortgage crisis you won't deal what is really at the root of the economy. the problem has been the treasury department. the treasury did not appreciate that simple premise. tim geithner was willing to let it work its way on its own. and grievous mistake. it debilitated our economy. the successes and jennifer granholm. >> she was awesome. >> she was awesome. it's the auto bailout. i'm struck that mitt romney has not responded adequately. what is the republican party going to say about meaningful support to bail out the auto industry. >> they're going to say nothing. it's better than saying something. they're likely to get the
fannie mae mortgages modification. that's something. >> there has been a lot of arm twisting of ed dimarco the conservator of of sally may and freddie mac. and they say they don't have any more power to twist his arm. >> eliot: they should be going after every conceivable way. the real problem joe i think dan is exactly right and i and many people have been saying for years until you deal with the mortgage crisis you won't deal what is really at the root of the economy. the problem...
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it was democrats who stood in opposition to reigning in fannie mae and freddie mac which helped create the mortgage crisis. so he told a great story. the problem is, he used some facts that helped him, and ignored some facts that didn't help him, it was vintage clinton, it was great to watch. it was a great story. >> i'd like to go back to what i said last night, the democrats have now had two very good -- surprisingly strong nights. >> they stumble over the platform, you think -- >> there was a stumble tonight, it had a slow start tonight, it was quiet. but they ended on a -- they had a tremendous finish. if barack obama tomorrow night can make it three for three, they could break out in this election. they've been trying to do that. the dynamics have been steady all along, they have a chance. i think they have a chance -- >> you've seen bounces before for democrats that then have faded away. >> it's been a while. bill clinton has a bit of a balance to carry the bush race, they both have eight points, they matched up. because of the polarization, the cable era, the blogosphere, presid
it was democrats who stood in opposition to reigning in fannie mae and freddie mac which helped create the mortgage crisis. so he told a great story. the problem is, he used some facts that helped him, and ignored some facts that didn't help him, it was vintage clinton, it was great to watch. it was a great story. >> i'd like to go back to what i said last night, the democrats have now had two very good -- surprisingly strong nights. >> they stumble over the platform, you think --...
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mae and freddie mac were doing fine and, the spokespersons for the democrats' agenda, that will be on stand, and, unless they are really able to change their stripes quickly have not been known over the years for being one to engage in real civil discourse. that will be interesting. >> bill: we just heard chris wallace talk to martha a moment ago. and he talked to david axelrod for his fox news sunday show and made it quite clear mitt romney will be the main target here in charlotte. now i hadn't heard you comment since mitt romney made his speech on thursday night, and we heard the president yesterday say it was a rerun of ideas and, you could watch it on black-and-white t.v. suggesting the ideas were old and there was nothing new in there. what did you think of mitt romney's presentation thursday night? >> caller: well, i was pleased that he not only represents but he was able to articulate a completely different vision than what barack obama has cast for america. you know, what obama has represented is just this -- being adamant that the answer to the economic woes we're facing in
mae and freddie mac were doing fine and, the spokespersons for the democrats' agenda, that will be on stand, and, unless they are really able to change their stripes quickly have not been known over the years for being one to engage in real civil discourse. that will be interesting. >> bill: we just heard chris wallace talk to martha a moment ago. and he talked to david axelrod for his fox news sunday show and made it quite clear mitt romney will be the main target here in charlotte. now...
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even barney frank to give is the fannie mae financial debacle, you know, when they did away with glass-steagall. but the democrats, i just think president bush -- i'm sorry, president obama has spent $29 billion for outsourcing ricky give a for cars in finland and solar power in china. i don't like the fact that he spoke to the russian communist and ask if he was reelected -- after reelected, he would do something about star wars, so i hope the american people take these things into account and realize that romney after this convention showed us what kind of a very trustworthy and compassionate man he is, but also very knowledgeable internationally and in business and given people thousands of jobs. host: we will leave it there. mr. funk? guest: the republicans have their rapid response team in charlotte. they rented some space near the nascar hall of fame. they are supposed to be bringing in marco rubio, the governor of south carolina, and others to sort of give their version of the day's message. one thing i think he will see at this convention, as you saw in tampa, is a lot of women at the p
even barney frank to give is the fannie mae financial debacle, you know, when they did away with glass-steagall. but the democrats, i just think president bush -- i'm sorry, president obama has spent $29 billion for outsourcing ricky give a for cars in finland and solar power in china. i don't like the fact that he spoke to the russian communist and ask if he was reelected -- after reelected, he would do something about star wars, so i hope the american people take these things into account and...
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mae and freddie mac to make 50% of their loins tsloansto people below me. and he ordered fannie and fred tfannie andfreddie to buy thosed securitize them. george bush to his credit, unsuccessful but to his credit, tried to rein in fannie and freddie, the fact that bill clinton said, that nobody could have done it, is providing an be cues to obama for his failure. neil: always good having you on. daryl hannah, is joining us now. she have very big environmental activist. and these are issues that are near and dear to her, daryl good to have. >> you thank you. neil: why this ticket? >> this ticket, truth and i'm not that thrilled about the aim of money that is being spent on these campaigns, and conventions. considering the economic struggles that people are in this this country, it is atrocious and criminal that this much money is spent on elections. neil: they both eschewed public campaign financing, they figure they can raise more money on their own, why does that worry you? >> well, i just -- i think that it is not necessary. you know, first of all people
mae and freddie mac to make 50% of their loins tsloansto people below me. and he ordered fannie and fred tfannie andfreddie to buy thosed securitize them. george bush to his credit, unsuccessful but to his credit, tried to rein in fannie and freddie, the fact that bill clinton said, that nobody could have done it, is providing an be cues to obama for his failure. neil: always good having you on. daryl hannah, is joining us now. she have very big environmental activist. and these are issues that...
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for the gentleman who talked about fannie mae, 80% -- 87% of those bad mortgages were all sold by non-bank operators. as far as the credit cards people are talking about, maybe we should set up a loss so you cannot change the rate on loans that are existing. host: any thoughts? guest: first, on the last point, we have had regulations on landing going back to the code of hammurabi, 5000 years ago, or whatever, in the bible. in the first 250 years of the nation we have limits on how much increase you could charge. beginn the 1970's did we and really getting started in the 1980's and 1990's did get into our heads that we ought to list these things and there would be no downside. cfpbhe idea that what the and other aspects of dodd-frank are doing is somehow a radical and new, it is really an imposition of good sense that civilizations have had for years. i want to also point out that this story we are talking about by an editor of the washington nowthly, it's a great story, he's at the standard magazine. host: let's hear from linda in new castle, pennsylvania, republican line. caller: i am not
for the gentleman who talked about fannie mae, 80% -- 87% of those bad mortgages were all sold by non-bank operators. as far as the credit cards people are talking about, maybe we should set up a loss so you cannot change the rate on loans that are existing. host: any thoughts? guest: first, on the last point, we have had regulations on landing going back to the code of hammurabi, 5000 years ago, or whatever, in the bible. in the first 250 years of the nation we have limits on how much increase...
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hsa guidance to fannie mae and freddie mac which have been very helpful in the area. there are the occ, sad and ranking orders that have been very specific about improvements to need to be made and made an enormous difference. we're trying to harmonize all of that and not end up going in different directions, which would not be fair to servicers and would not be beneficial to deliver value for consumers if we simply create more confusion. there's been a lot of interagency discussion and coordination on this. they will continue to be and will have some good results come january and i think there may be further work to be done after that, but we will see. >> two final questions. one is the latter course appeared to be cognizant of regulatory burdens of his actions, specifically when it comes to smaller institutions. along these lines could you tell the committee had their providing regulatory guidance and away that makes compliance simple unworkable, for example, community banks a small amount amount depository of regulated entities. >> senator come i've personally been
hsa guidance to fannie mae and freddie mac which have been very helpful in the area. there are the occ, sad and ranking orders that have been very specific about improvements to need to be made and made an enormous difference. we're trying to harmonize all of that and not end up going in different directions, which would not be fair to servicers and would not be beneficial to deliver value for consumers if we simply create more confusion. there's been a lot of interagency discussion and...
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. >> jason, you know about fannie mae and freddie mac. >> the housing bubble that was 20 years in the making. >> they're run by the government the last time i looked, and they had a major role in terms of what this housing market did, so to think it was all wall street is just miscast. >> i'm not saying it was all wall street, i was just answering your question of why that rhetoric works. wall street played a role. i'm not going to let you get away with saying it had nothing to do with it. >> it was self-defeating to bash business and when business doesn't bring jobs back to 5%, 6%, it was like oh it wasn't my fault. he had this coming and it's clear it was unfortunate it was in his best interest not to focus on obama care for the first two years, should have focused on this, right? >> i think you're right about that, yes. >> representative we have to leave it there. thank you for joining us this morning. >>> still to come on "squawk" this morning, one of the nation's best known names in the mun muni bond world. we're sitting on a bunch of shale gas. there's natural gas under my town.
. >> jason, you know about fannie mae and freddie mac. >> the housing bubble that was 20 years in the making. >> they're run by the government the last time i looked, and they had a major role in terms of what this housing market did, so to think it was all wall street is just miscast. >> i'm not saying it was all wall street, i was just answering your question of why that rhetoric works. wall street played a role. i'm not going to let you get away with saying it had...
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even barney frank to give is the fannie mae financial debacle, you know, when they did away with glass-steagall. but the democrats, i just think president bush -- i'm sorry, president obama has spent $29 billion for outsourcing ricky give a for cars in finland and solar power in china. i don't like the fact that he spoke to the russian communist and ask if he was reelected -- after reelected, he would do something about star wars, in so i hope the american people take these things into account and realize that romney after this convention showed us what kind of a very trustworthy and compassionate man he is, but also very knowledgeable internationally and in business and given people thousands of jobs. host: we will leave it there. mr. funk? guest: the republicans have their rapid response team in charlotte. they rented some space near the nascar holophane. they are supposed to be bringing in marco rubio, the governor of south carolina, and others to sort of give their version of the day's message. one thing i think he will see at this convention, as you saw in tampa, is a lot of women at the p
even barney frank to give is the fannie mae financial debacle, you know, when they did away with glass-steagall. but the democrats, i just think president bush -- i'm sorry, president obama has spent $29 billion for outsourcing ricky give a for cars in finland and solar power in china. i don't like the fact that he spoke to the russian communist and ask if he was reelected -- after reelected, he would do something about star wars, in so i hope the american people take these things into account...
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the expansion of freddie may and fanny maie mae. he built that. >> dana, last 10 seconds. >> i think we saw the difference between a good communicator and a good ortar. bill clinton is a good communitior. obama is a good orator. and that's what we'll see tonight. >>> check it out right here on cnn. we kick off at 7:00 p.m. eastern with wolf blitzer and anderson cooper. i'll be on the floor with the
the expansion of freddie may and fanny maie mae. he built that. >> dana, last 10 seconds. >> i think we saw the difference between a good communicator and a good ortar. bill clinton is a good communitior. obama is a good orator. and that's what we'll see tonight. >>> check it out right here on cnn. we kick off at 7:00 p.m. eastern with wolf blitzer and anderson cooper. i'll be on the floor with the
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so this government has always, through fannie mae and freddie mac, particularly on the military side, programs that help the down payments and provide further cost mortgages pursue that goal of making sure that our families can own their own home. but we do need to be careful not to re-create mistakes of the past and overdo that. so the key issue. and by the way with today's economy, and maybe number one on the list of things that continue to create uncertainty for people. education also a great question. here in washington you hear people talk about jobs, jobs, jobs is that the government could wave a magic wand and create jobs. the government can hire more nurses, firefighters and policemen. at the end of the day we probably ought to have exactly the right number of firefighters and policemen to keep our communities safe, but the government doesn't create jobs for certainly the private sector does. you know what it does do a quick make sure every kid in this country has the math knowledge, thinking ability, innovative qualities that will allow that kid to be a superb employee in som
so this government has always, through fannie mae and freddie mac, particularly on the military side, programs that help the down payments and provide further cost mortgages pursue that goal of making sure that our families can own their own home. but we do need to be careful not to re-create mistakes of the past and overdo that. so the key issue. and by the way with today's economy, and maybe number one on the list of things that continue to create uncertainty for people. education also a...